25 Mayıs 2024, Cumartesi

Insurers will also stand surety for the debts of the Turkish business world

semsiyeWhile Undersecretariat of Treasury is publishing the General Conditions of “Indemnity Insurance”, as an alternative insurance to the letter of guarantee, insurance companies will also stand surety for the risk conditions such as the debtor can not pay his debts to the beneficiary. As highlighted in General Conditions of Indemnity Insurance, to stand surety for insured is due to some specific conditions: First of all, the insured is supposed to transmit last year’s account abstracts and if there is, independent audit report to the insurance company immediately and to inform the insurance company about the necessary expositions according to the request of the insurer. Besides, the insured has to inform its insurer about his cash and non-cash credit interactions and important changes that can affect the decision of having indemnity insurance or not.

In the policy, it will be possible to offer 8 kinds of coverage which are: Advance payment coverage, Manufacturing / Maintenance / Repair Coverage, Fidelity coverage, Customs and courts coverage, Bid coverage, Payment coverage, Performance coverage, Contract coverage.


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